Highlights

  • Metrics Master Income Trust reported FY26 Revenue growth of 14.4% to $202.0 million.
  • Profit for the year increased 14.3% to $193.9 million.
  • The Fund maintained monthly income distributions with total FY26 distributions of 15.69 cents per unit.
  • Portfolio exposure increased to 354 investments across Australian and New Zealand companies.

Metrics Master Income Trust (ASX:MXT) is a listed income trust providing investors access to a diversified portfolio of direct private loans to Australian and New Zealand companies through underlying wholesale funds managed by Metrics Credit Partners. The Fund focuses on generating monthly income through actively managed Loan portfolios diversified by borrower, industry and credit quality.

Recent Development

Metrics Master Income Trust lodged its Appendix 4E Preliminary Final Report for the year ended 30 June 2026 on 31 August 2026. The report was prepared using information provided by Metrics Credit Partners and remained subject to completion of audit procedures and Board approval of the final financial statements.

For FY26, the Fund reported revenue from ordinary activities of $202.0 million, up 14.4% from $176.6 million in FY25. Profit for the year increased 14.3% to $193.9 million from $169.6 million, while total comprehensive income also increased to $193.9 million.

The Fund generated Investment income of $202.0 million, comprising distribution income of $197.8 million, interest income from financial Assets at amortised cost of $1.9 million, net gains on financial instruments of $1.9 million and other income of $0.4 million.

Metrics Master Income Trust paid total distributions of $191.9 million during FY26, equivalent to 15.69 cents per unit compared with 15.77 cents per unit in FY25. Subsequent to year-end, the Directors declared additional monthly distributions of 1.44 cents per unit in July 2026 and 1.46 cents per unit in August 2026.

Net tangible assets attributable to unitholders remained stable at $2.45 billion, compared with $2.44 billion in FY25. Net tangible assets per unit remained at $2.00.

Sector Context

Metrics Master Income Trust operates within the private credit sector, providing exposure to corporate lending markets through investment in wholesale credit funds managed by Metrics.

The Fund invests through the MCP Wholesale Investments Trust, with targeted allocation ranges of 60-70% to the Metrics Credit Partners Diversified Australian Senior Loan Fund, 20-30% to the MCP Secured Private Debt Fund and 10-20% to the MCP Real Estate Debt Fund.

During FY26, the Fund maintained its investment approach despite global geopolitical uncertainty and public market volatility. It generated an annual net return of 8.21% and a one-year net spread over the RBA Cash Rate of 4.22%, exceeding the target return of RBA Cash Rate plus 3.25% per annum net of fees and costs.

As at 30 June 2026, the Fund had exposure to 354 investments through its three underlying wholesale funds, compared with 348 investments in June 2025. The weighted average credit duration was 1.6 years.

The Fund’s financial assets totalled $2.44 billion at 30 June 2026, including $2.40 billion invested in the MCP Wholesale Investments Trust and a $42.0 million Investment Manager loan asset.

Risk and Uncertainty

Metrics Master Income Trust’s performance is influenced by credit conditions, borrower quality, interest rates, private debt market conditions and the performance of underlying loan portfolios.

The Fund’s financial information in the Preliminary Final Report remained unaudited as of 31 August 2026, with KPMG’s audit of the 30 June 2026 Financial Report still underway. The Responsible Entity noted that reported amounts may differ materially from the final audited financial statements.

As a closed-end listed investment vehicle, investors cannot redeem units directly from the Fund and must trade units through the ASX. The Fund noted that while Secondary Market Liquidity is generally expected, there is no guarantee that sufficient trading liquidity will always be available.

Credit risk remains an important consideration due to the Fund’s exposure to private loans. The strategy relies on active management of loan portfolios across borrowers, industries and credit quality.

Catalysts Investors Can Watch

Future developments for Metrics Master Income Trust may include continued monthly distributions, portfolio growth, credit quality management and updates following completion of the FY26 audit process.

The Fund expects to continue making monthly distributions, with record dates generally expected to occur on the first ASX trading day of each month under the Distribution Reinvestment Plan.

The Fund’s diversified private credit exposure and focus on senior secured lending remain key areas to monitor as credit market conditions evolve.

Metrics Credit Partners continues managing the underlying loan portfolio through Diversification across borrowers, industries and credit quality measures.

Key Takeaways

Metrics Master Income Trust delivered FY26 income growth while maintaining its monthly distribution approach and expanding exposure across private credit investments. The Fund continued its focus on diversified lending portfolios through Metrics Credit Partners, with future performance dependent on credit quality, market conditions, audit completion and ongoing portfolio management.